Declaration of Results
Awaiting price reaction for this filing.
Jaiprakash Associates, currently under Corporate Insolvency Resolution Process (CIRP) since June 2024 with Mr. Bhuvan Madan as Resolution Professional, reported deeply negative results for Q2 FY26. Standalone revenue from operations grew modestly to ₹664.29 crore (vs ₹612.05 crore in Q2 FY25), but standalone net loss ballooned to ₹1,122 crore from ₹276.62 crore, driven by an exceptional impairment charge of ₹863.64 crore on its investment and receivables in Bhilai Jaypee Cement Limited (BJCL), which was admitted into CIRP in October 2025. For H1 FY26, standalone revenue declined ~19.6% YoY to ₹1,332.11 crore with a net loss of ₹1,325.39 crore. Standalone net worth is deeply negative at ₹(8,229.13) crore and debt-equity ratio is -11.73x, reflecting a wiped-out capital base. The CIRP is ongoing with 5 resolution plans received; meanwhile prior-period figures were reclassified as discontinued operations ceased following termination of the Dalmia Cement deal.
Negative for shareholders — the company remains under insolvency resolution, net worth is deeply negative, and a large exceptional impairment has pushed quarterly losses to multi-year highs, though the CIRP outcome (resolution plan approval) remains the key catalyst for any equity recovery.